Premiumisation, investments to propel appliances, consumer electronics industry in 2024

The country’s appliances and consumer electronics industry is expected to grow around 10 per cent in 2024 as players offer more premium products, cater to rising demand for smart appliances and make more investments after significant business tailwinds this year. Consumers are now looking for a “better total cost ownership” of products leading to a rise in demand for smart appliances, inverter ACs, heavy top-load washing machines, double-door frost-free refrigerators having over 300 litres capacity and large screen 4K LEDs, in which 51 inches screen is seeing the fastest growth in terms of sales, according to industry leaders.